Scorched earth

Credit Bubble Bulletin/Doug Noland

Cartoon courtesy of

“In reality, there’s plenty to worry about. As welcome as positive vaccine news is right now, the conclusion of the pandemic will not, unfortunately, usher in a return to normalcy. The massive amount of debt noted above will overhang the system for years, as will deep scars throughout the real economy.”

USAGOLD note:  We see extraordinarily large numbers – like global debt soaring to a record $277 trillion – and often they simply do not compute. Doug Noland manages to put some meaning behind that global debt number and a few others in this piece with the quote above serving as an appropriate bottom-line assessment. Here’s another eye-catcher with a similar warning, this time from the Institute of International Finance: “There is significant uncertainty about how the global economy can deleverage in the future without significant adverse implications for economic activity.”

Repost from 11-23-2020

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